DEADLINE: Alfi, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – ALF; ALFIW |
SAN DIEGO, December 6, 2021 / PRNewswire / – The law firm of Robbins Geller Rudman & Dowd LLP announces that buyers or acquirers of: (a) Alfi, Inc. (NASDAQ: ALF; ALFIW) will have common stock or warrants as set out in the offer documents in connection with Alfi’s IPO on or at May 4, 2021 (the “IPO”); and / or (b) Alfi securities between May 4, 2021 and November 15, 2021, inclusive (the “Class Period”) has to January 31, 2022 Appointment as the main plaintiff in the Steppacher v. Alfi, Inc., No. 21-cv-24232 (SD Fla.). Started on December 2, 2021, in the Alfi class action lawsuit alleges Alfi and some of its officers and directors for violating the Securities Act of 1933 and / or the Securities Exchange Act of 1934.
If you would like to stand as the lead plaintiff in the Alfi class action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at [email protected]. Motions by the lead plaintiffs for the Alfi class action must be submitted to the court by no later than January 31, 2022.
CASE ALLEGATIONS: Alfi offers interactive software solutions for artificial intelligence and machine learning. According to the offering documents from the IPO, Alfi has approximately 3.7 million common shares and approximately 3.7 million warrants at the IPO price of. sold to the public $ 4.15 per share and warrant for approximate proceeds to Alfi von $ 14 million after applicable insurance deductions and commissions and before costs.
Alfi’s class action alleges that the offer documents and defendants made false and misleading information during the class action period and failed to disclose: (i) Alfi had inadequate disclosure controls and procedures and internal controls over financial reporting; (ii) as a result, Alfi and its employees could, and did, corporate transactions and other matters without sufficient and appropriate consultation or approval from Alfi ‘s Board of Directors; (iii) the foregoing increased the risk of internal and regulatory investigations against Alfi and its employees; (iv) the foregoing, once known, is likely to have a material adverse effect on Alfi’s reputation, financial condition and ability to file periodic reports with the US Securities and Exchange Commission (SEC) in a timely manner; and (v) as a result, Alfi’s public statements at all relevant times have been materially false and misleading.
on October 28, 2021, Alfi announced that on October 22, 2021, its board of directors had put the defendant Paul Antonio Pereira (Alfis CEO), Charles Raglan Pereira (Alfis CTO) and defendant Dennis McIntosh (Alfis CFO) “on paid administrative leave and authorized an independent internal investigation into certain corporate transactions and other matters.” Alfi announced, among other things, that on October 22, 2021, its board of directors had appointed a new interim CEO and chairman of the board of directors, and that “[o]n October 28, 2021, Mr. C. Pereira’s employment with the company was terminated. ”At this news, Alfi’s share price fell by almost 22%.
on November 1, 2021, Alfi announced, among other things, that the chairman of Alfi’s audit committee had resigned from the board of directors, and explained “the purchase of a condominium by the company for a purchase price of approx $ 1.1 million“and” the company’s commitment to a sports tournament in the amount of $ 640,000, “both of which were” carried out by management without sufficient and appropriate consultation or approval from the board of directors “.
Then, on November 15, 2021, Alfi announced that there was “a letter from the staff of the [SEC] advises that the company, its affiliates, and agents may be in possession of documents and data pertinent to an ongoing investigation being conducted by SEC employees and that those documents and data are appropriately retained and up to date should be kept further.
Finally on November 16, 2021, Alfi has filed a notice regarding its inability to file its quarterly report on Form 10-Q for the past quarter with the SEC 30. September, 2021. Among other things, “recent changes in corporate structure” were cited in this submission [CEO] and [CFO] and Chairman of the Board of Directors’s Audit Committee and the need for a “new independent, registered accountancy firm” as reasons for the company’s inability to deliver its quarterly report on time. Following these releases, Alfi’s share price fell more than 5%, which is further reassuring to investors Inflicts harm.
THE LEAD APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who has acquired: (a) Alfi common stock or warrants in accordance with and / or traceable to offer documents issued in connection with Alfi’s initial public offering; and / or (b) Alfi securities during the class action period to apply for lead plaintiff in the Alfi class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other group members in directing the Alfi class action. The lead plaintiff can choose a law firm of their choice to bring the Alfi class action lawsuit. An investor’s ability to participate in a possible future recovery of the Alfi class action lawsuit does not depend on being the lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have achieved many of the largest shareholder reclaims in history, including the largest stock class recovery reclaim of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. ISS Securities Class Action Services 2020 Top 50 report ranked Robbins Geller # 1 in recovery $ 1.6 billion for investors in the past year, more than double the amount recovered from all other securities plaintiffs. More information is available at http://www.rgrdlaw.com.
Past results do not guarantee future results.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
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SOURCE Robbins Geller Rudman & Dowd LLP